Led by David Borom

Waterbear Group is led by David Borom, an entrepreneur and proven operator. I buy businesses, run them personally, and build them...usually for a very long time.

Background:

• Transaction Advisory at Loop Capital Markets, analyzing deals for PE funds and corporate buyers with a focus on business enterprise valuation and quality of earnings
• Operating experience: Scaled an educational services company 5x over 5 years through operational improvements and team investment
• Based in Chicago, I focus on Midwest businesses where hands-on involvement creates asymmetric advantage.

What this means: What this means: I understand how businesses get evaluated and how they actually run. I've been on both sides of the table; analyzing deals for buyers and managing through crisis as an operator.

We're not a fund. I invest personal capital in every deal, partnering with family offices and permanent capital investors who share a decades-long horizon.

What that means:

• No LP pressure – We don't have investors demanding exits at year 5
• Individual underwriting – Each business is valued on what you built, not portfolio formulas
• Deal-by-deal capital raise – Once we commit, we secure capital from our investor network (typically 10-14 days post-LOI)
• Sequential approach – We don't acquire the next business until the current ones are stable and thriving

Show Up

Presence is the differentiator most buyers won't offer. We're in the building, in the relationships, and in the details. We don't manage from a distance.

Preserve Before You Change

We take 6–12 months to understand a business before we touch it. The operations, the industry, what makes it successful. We partner with existing management, encourage sellers to stay involved, and absorb institutional knowledge before forming opinions. What made it successful before us matters more than what we would have done differently.

Curiosity Over Credentials

We don't come in as the 30-year industry veteran. We come in asking good questions and following through on the answers. That combination outperforms assumed expertise more often than people expect.

Steady Through Volatility

When our first deal faced a 60% revenue decline six weeks post-close, we didn't slash the team. We managed receivables, renegotiated vendor terms, and kept the capability intact. The business came back stronger because the team was ready when customers returned. When conditions deteriorate, we manage toward cash flow, not toward the exit.

Invest in Teams

Management equity is standard. We promote from within first. In our first platform, we grew from 15 to 40+ people with zero layoffs and multiple internal promotions. The team that built it is usually the team that grows it.

A Quick No Is Better Than a Slow Maybe

We pass on most of what we see. When we tell you we're interested, it means we've done the work. When we're not the right fit, we explain why and won't waste your time. Clarity early saves everyone time.

We raise capital deal-by-deal from:

• Family offices with permanent capital mandates
• Accredited investors aligned on indefinite holds
• Strategic operators who bring expertise beyond capital

Why this works: Our investors aren't fund LPs demanding exits. They're partners who understand that great businesses compound over decades.